19 Social Media Kpis You Should Be Tracking

Qualitative KPIs, on the other hand, may include customer satisfaction scores, quality ratings, or product reliability rates. He has been a professor of management in universities in the U.S., and Canada.

What is the difference between a goal and a KPI?

The terms key performance indicator (KPI) and goal are sometimes used interchangeably to describe what you need to measure to determine whether you’ve reached a desired outcome. … The goal is the outcome you hope to achieve; the KPI is a metric to let you know how well you’re doing working towards that goal.

Many of these customer KPIs are developed and managed with customer relationship management software. Output captures the outcome or results of an activity or group of activities.

All post-secondary schools collect and report performance data in five areas – graduate satisfaction, student satisfaction, employer satisfaction, employment rate, and graduation rate. You will also want to think about actions you will take if at some point your results start falling into Yellow or Red. Instead, push on your leading indicators to drive towards your results. Measures are raw numbers that in and of themselves have limited usefulness, but ultimately need to be related to each other to extract the most meaningful information possible. Measures are the lowest level of detail in the methodology and are found in web analytics reports, corporate databases, call center reports, or various other data silos. Relevant Measures need to be gathered so we can determine Metrics in Step 5. These sites encourage better engagement with the explicit objective of increasing sales.

State The Kpis Objective

It’s important to show the linking goals of your KPIs, the KPI measure data and calculations, and visuals showcasing the data in an easy-to-digest format. Measuring KPIs is not a scientific or mathematic calculation with a set formula.

Making use of customizable dashboards is a great way to report to different audiences. You can make one dashboard for departments working on KPIs, and another that gives a high-level overview to executive teams. Instead, choose one or two metrics for each of your objectives that will be most helpful in achieving them.

How Do You Measure Kpis?

Key Performance Indicators help define your strategy and clear focus. Metrics are your “business as usual” measures that still add value to your organization but aren’t the critical measure you need to achieve. But generally speaking, businesses measure and track KPIs through business analytics software and reporting tools. Generally speaking, businesses measure and track KPIs through business analytics software and reporting tools. KPIs specifically help determine a company’s strategic, financial, and operational achievements, especially compared to those of other businesses within the same sector.

  • Peggy James is a CPA with over 9 years of experience in accounting and finance, including corporate, nonprofit, and personal finance environments.
  • Key performance indicators are the non-financial measures of a company’s performance – they do not have a monetary value but they do contribute to the company’s profitability.
  • KPI targets are targets that you’re looking for your KPIs to hit.
  • Plus, tracking social media KPIs makes reporting back to your boss easier — it’s a reliable way to prove to your supervisors that your social media strategy is working.
  • This blog will guide you through KPI Karta®, a proven methodology to establish actionable KPIs.

This approach can easily add large amounts of dubious code, thereby inflating the line count but adding little value in terms of systemic improvement. A similar problem arises when a footballer kicks a ball uselessly to build up his statistics. Over a decade ago I helped a not-for-profit association develop a KPI scorecard.

Step 1: Choose One Or Two Measures That Directly Contribute To Each Of Your Objectives

You have no insight into if you’re making progress towards your strategic goals, or if you’re headed in a direction you want. Managers, especially those in large organizations, spend an inordinate amount of time and money measuring the satisfaction levels of their staff. Sections of HR are dedicated to running employee satisfaction surveys and making sure managers conduct frequent check-ins with their direct reports. But when I ask senior executive teams what the organization is getting out of this, I receive blank stares. These measure how you are doing on the activities and levers that will move your outcome in a positive or negative way.

how to measure kpi

Invest the time, commit to the process, assign ownership and improve your company’s results. These are the usual suspects such as sales closed, products shipped or net profit. Use results indicators to establish targets for effective annual and quarterly plans. Begin with the end in mind by setting targets, and developing a plan to hit the targets. More visitors and pages viewed are indicators that site traffic is up, but not how well your site is performing. Perhaps your marketing campaigns are simply driving unqualified people to your website.

Important Social Media Kpis You Should Be Tracking

Suppliers can implement KPIs to gain an advantage over the competition. Suppliers have instant access to a user-friendly portal for submitting standardized cost savings templates.

They show you whether your audience is connecting with what you have to say and willing to interact with your brand. Now that you’ve decided on an important KPI, don’t keep it to yourself. Communicate these KPIs with your team, your boss and any other stakeholders who should stay up to date with your strategy.

While profits and debt levels are indeed important key financial indicators, a company’s relationships with both its customers and its employees are no less important to establishing its general health. For example, a software company striving to attain the fastest growth in its industry may consider year-over-year revenue growth, as its chief performance indicator. Contrarily, a retail chain might place more value on same-store sales, as the best KPI metric in which to gauge its growth. Creating your social media marketing strategy doesn’t need to be painful. Tools like Hootsuite make collecting, crunching and sharing data both efficient and effective.

Share The Kpi

Subscrbe to get the latest agile strategy best practices, free guides, case studies, and videos in your inbox every other week. A FREE downloadable guide to learn the basics of Key Performance Indicators with 100 example metric sources for ever department of your organization. We believe in empowering teams to do amazing work, consistently & passionately. For example, if you generate $100,000 in revenue annually and you have 100 clients, then your RPC is $1,000. Process-focused KPIs aim to measure and monitor operational performance across the organization. Customer-focused KPIs generally center on per-customer efficiency, customer satisfaction, and customer retention. This metric shows how happy your followers are with your brand’s products or services.

Do KPIs need to be smart?

People often tell me they don’t want KPIs, they want ‘SMART KPIs’. It’s a common misconception that KPIs need to be SMART to be effective. Yet, in fact, there’s no such thing as a SMART KPI – it’s your objectives or goals that need to be SMART.

4) Define an Owner and Tracking Frequency – As with any SMART goal, a KPI needs to have a clear owner and defined tracking frequency. So, make sure someone is accountable for pulling the data and updating performance on a defined frequency. Outcome Measure – This measures progress against a defined outcome, often expressed as a percentage increase, change, or results from an outcome.

KPIs vary from one company to another, depending on their particular goals and chosen performance criteria. Internal KPIs are used to gauge internal goals in the departments or sections, but will also impact achieving the core goals of the company. KPIs help to mobilize employees to work toward the achievement of core objectives. What you include in your report depends heavily on your audience. There are, however, a few pieces of information every KPI report should include.

  • Basically, they’re tracked data related to a company’s presence on individual platforms like Facebook, Twitter or Instagram, or across all social platforms collectively.
  • Once a KPI is defined, methods of measuring and assessing performance need to be defined and carried out in practice.
  • KPIs are business metrics that track the effectiveness and efficiency of strategic objectives that align with an overarching goal.
  • Customer-focused KPIs generally center on per-customer efficiency, customer satisfaction, and customer retention.
  • To best identify the right KPIs, tie your measures back to your strategic goals.
  • Measures are raw numbers that in and of themselves have limited usefulness, but ultimately need to be related to each other to extract the most meaningful information possible.
  • Use Hootsuite to see what’s working and where to improve performance.

Such a goal is more specific than just setting a goal of “increasing revenues” without putting in place a way to measure performance, a target number, and a time frame within which to achieve the goal. How you measure a KPI depends, of course, on the specifics of the KPI being measured. The first, and essential, step in the creation of an an effective KPI is that the objectives established need to be specific and delimited. _”_Increasing sales,” isn’t a very effective KPI because underlying the idea of a sales increase there has to be an agreement on what is achievable and what is necessary in a specific time frame and sales region. Key performance indicators define a set of values against which to measure. These raw sets of values, which can be fed to systems that aggregate the data, are called indicators. The importance of such performance indicators is evident in the typical decision-making process (e.g. in management of organisations).

This may be because they’re overwhelmed by the slicing and dicing of the measures. They need to remind themselves that KPIs are about stakeholder relationships, how what you do affects what the other does to you, and that the metrics will not always be the same. Below you will find 5 tips to help you evaluate your current KPIs, create the right KPIs, and use them to drive results in your business. They can be a Dashboard for specific business problems or opportunities – you can track what’s happened in the past and the results you want to achieve with Lagging Indicators. Then, you can also measure Leading Indicators to ensure you are on track to achieve the results you want. Leading Indicators give you an execution advantage over your competition.

Now that KPIs have been identified, we can look at the Measures that make up the chosen KPIs. Since Example A is the percentage of visitors converting to leads, we must first find those measures and do the appropriate calculation to obtain that ratio. For Example B, we will need to collect Measures from both the call center and online support data. Project Measure – This measures the progress of a project, often expressed as percent complete, a deliverable, activity, or process the owner can influence. An example of a great KPI is to increase new customer trials by 15% in 2019, representing a growth of 15 trials per week to 18 trials per week.

This KPI supports a specific strategic outcome–an increase in net-new revenue and helps clearly outline an outcome. It’s easy to use the two terms interchangeably, but here is a good way to think about it.

how to measure kpi

CPC is the amount you pay social media platforms like Facebook, Twitter or Instagram per individual click on your sponsored social media post. Track this to see if the amount you’re spending is a worthwhile investment. Not everyone who clicks on your social media links will follow through, reading the full article you shared or completing a purchase. Bounce rate is the percentage of visitors who clicked on a link in your social post, but then quickly left that page without taking any action. You want this to be low — it signals your content isn’t all that engaging, or the user experience you provided was less than perfect. They are also used to gauge the overall performance of the company against other comparable companies within the industry. To ensure the whole team is on the same page—and because many measures and goals are interconnected—it’s crucial to report these findings to all relevant parties.

What Are Annualized Sales?

Each KPI should be assigned an owner, have a clear success definition of what success looks like and be visible for all to see. In order not to be blindsided by the final result, it is important for the KPI to be tracked and discussed weekly if possible. This will give you an opportunity to recognize a potential problem, make adjustments and avoid disaster. Determine specific actions required to achieve the Green success criteria and get to work. They are a balanced scorecard for company health- you only need a handful of KPIs to monitor your company’s vital signs.

how to measure kpi

Understanding how you’ll measure success in strategic planning is one of the most pivotal elements of a successful and implementable strategic plan. But, we’re going to let you in on a little trade secret – performance measures and KPIs can be downright tricky.

What Are Your Kpis Really Measuring?

How well has the business been able to meet sales growth objectives in the past.? The more types of available information analyzed, the more realistic and achievable the goals established for specific KPIs. A KPI is a quantifiable performance measurement that makes it possible to see in real time how well your business is achieving an important objective. To be effective, a KPI needs to be well-defined and communicated throughout the organization. A measurement framework itself is constructed of significant KPIs that are designed to analyze the performance of a campaign or initiative. Primary KPIs are the most significant KPIs that you will focus on for any real-time reporting or when analyzing the performance of your campaign and what you should be optimizing your marketing efforts towards. Some primary KPI examples would be leads for a lead gen campaign or reach/impressions for an awareness campaign, or video completions for a video campaign.

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